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automotive composite materials market


As per the report published by UnivDatos Market Insights (UMI), the global automotive composite materials market is anticipated to gain market worth of US$ 8,173.4 million by 2024, expanding at a CAGR of 9.7% during the forecast period 2018-2024. The major reasons fueling to the adoption of composite materials in the automotive industry are stringent government regulations on GHG emissions, increased usage of composites, among hybrid and electric vehicles and better structural and mechanical properties of composites compared to other materials such as steel and aluminum among others. In terms of materials, Polymer Matrix (PMC), Metal Matrix (MMC), Ceramic Matrix (CMC) and others (Hybrid Composite), are the major types of composite materials used by the vehicle manufacturers. In 2017, PMC dominated the global automotive composite materials market and is anticipated to generate a market size of US$ 4.23 billion by 2020, followed by metal matrix composites and ceramic matrix composites. On the other hand, a visible inclination towards hybrid composites is seen during the past few years, owing to their lower cost than pure carbon fibers. The hybrid composite material is expected to be the fastest growing material type during the forecast period.

The manufacturing process is one of the important aspect of composite part manufacturing. Different processes impart different physical and behavioral properties of the composite materials. At present, the cost of raw materials and installation of manufacturing plants is negatively affecting the overall growth of the market. Based on manufacturing processes adopted for the composite material manufacturing for its use in the automotive industry include hand lay-up (manual), compression molding, injection molding, and Resin Transfer Molding (RTM). Among all, injection molding dominated the market, however, the capability of RTM to make complex shapes in lesser cycle time is expected to bolster their frequent use for composite material manufacturing.

Previously, composite materials were majorly used for the exteriors of the vehicle, however, owing to a number of structural and mechanical benefits, the application area of composites in a vehicle has widened. They are now used in interiors, chassis, Powertrain, under the hood and structural parts of the vehicle as well. In 2017, exterior application dominated the market with a market size of US$ 2.92 billion, and will enjoy its dominance over the analysed timeframe. However, rise of vehicle interior air quality regulations is anticipated to fuel the demand of composites for vehicle interiors in the coming future.

Owing to the stringent emission standards on greenhouse gases via vehicles, a widespread deployment of composite materials to reduce the overall weight of the vehicle is expected to increase the demand for composite material for vehicle manufacturing. The study analyses the penetration of composite materials in super cars, passenger cars and other commercial vehicle segment. At present commercial vehicles hold very small segment of the market, on the other side penetration of composite materials in the sports car segment is immense. The demand and usage of composite materials in passenger car segment have also increased over the time period. This segment dominated the market in 2017 and is expected to continue its dominance during the forecast period, as this is the biggest segment in the auto industry in terms of volume, however the penetration of composite materials would remain lower as compared to that in the sports car segment.

For better understanding of the market penetration of Global Automotive Composite Materials Market, the industry is analyzed based on geographies and countries including North America (the U.S., Canada, Mexico and rest of North America), Europe (Germany, France, the U.K., Russia, Italy, Spain and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Australia and rest of Asia-Pacific), Middle East and Africa (the UAE, Saudi Arabia, Algeria, Kuwait, Egypt, Qatar and rest of Middle East and Africa) and Latin America (Brazil, Argentina, Chile  and Rest of Latin America). Due to the strong presence of several composite material manufacturers in countries such as China, Japan and India, Asia Pacific dominates the global automotive composite materials market, with a market size of US$ 2.16 billion in 2017. Further, the stringent rules and regulations on GHG emissions in North America and Europe are anticipated to fuel the automotive composite material market in both the regions in the coming years.

Some of the major companies profiled in the global Automotive composite materials study include BASF Corporation, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These industry players are entering into partnerships with auto OEMs to deploy cost efficient composite materials on the vehicles. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods.

Market Segmentation

Market Insight, by Material Type

  • Polymer Matrix Composite (PMC)
  • Metal Matrix Composite (MMC)
  • Ceramic Matrix Composite (CMC)
  • Others (Hybrid Composites)

Market Insight, by Manufacturing Process Type

  • Hand Lay Up
  • Compression Molding
  • Injection Molding                  
  • Resin Transfer Molding 

Market Insight, by Application Type

  • Interior  
  • Exterior
  • Chassis, Powertrain and Under the Hood
  • Structural 

Market Insight, by Vehicle Type

  • Performance Cars
  • Passenger Cars
  • Others

Market Insight, by Geography

  • North America Automotive Composite Materials Market
    • The US
    • Canada
    • Mexico
    • Rest of North America
  • Europe Automotive Composite Materials Market
    • Germany
    • France
    • The UK
    • Spain
    • Russia
    • Italy
    • Rest of Europe
  • Asia-Pacific Automotive Composite Materials Market
    • China
    • Japan
    • India
    • Singapore
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • MENA Automotive Composite Materials Market
    • The UAE
    • Saudi Arabia
    • Algeria
    • Egypt
    • Kuwait
    • Qatar
    • Rest of MENA
  • Latin America Automotive Composite Materials Market
    • Brazil
    • Argentina
    • Chile
    • Rest of Latin America

Company Profiled

  • DowDupont
  • Gurit Holding AG
  • Magna International Inc.
  • Mitsubishi Chemicals Holding Corporation
  • Owens corning
  • SGL Group
  • Solvay S.A.
  • Teijin Limited
  • Toray Industries Inc.

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